The Apollo moon landing missions used a Lunar Orbit Rendezvous (LRO) approach where the Command Service Module would be in a low lunar orbit (LLO) while the Lunar Module would land on the moon. This approach saved a significant amount of delta-v when compared to the direct ascent approach, because the heavy CSM did not need to be landed on the moon.
Did NASA consider extending the LOR approach to have the CSM be in a highly elliptic orbit around the moon, for example 50,000 km by 110 km, which should save delta-v compared to the LLO? If it was considered, why was the LLO approach used instead of the highly elliptic lunar orbit approach?